Chinese demand for jewelry, wine, watches and ceramics will
continue to drive sales this year even as economic growth slows,
according to the New York-based auction house.

Gross domestic product in the world’s second-biggest
economy will probably expand 8.2 percent this year, according to
the median forecast of 22 economists in a Bloomberg survey
conducted May 14-15. That would be the slowest pace since 7.6
percent in 1999, following 9.2 percent in 2011.

“Our business tends to be pretty responsive to areas of
wealth creation and China remains incredibly important,”
Ruprecht said in a May 18 interview before the opening of
Sotheby’s new Hong Kong gallery. “While China may not continue
its breakneck 13 percent annualized rate of growth, the wealth
creation in China is still an extraordinary and important part
of our world.”.

To better tap into this growing pool of potential business,
Sotheby’s opened a gallery that will be used for exhibitions,
private sales and wine auctions.

The 15,000-square-foot (1,392-square-meter) space also
includes a permanent salon for Sotheby’s Diamonds, a partnership
between Sotheby’s and the Steinmetz Diamond Group.

All-Year Access

Potential clients in Hong Kong will therefore have access
to Sotheby’s works for 300 days a year instead of being limited
to two, weeklong auctions per year, Ruprecht said.

The space was opened with works for sale by Yayoi Kusama,
the Japanese artist renowned for adorning everything with polka
dots, including her pumpkin sculptures.

On May 2, Sotheby’s sold a version of Edvard Munch’s “The
Scream” for $119.9 million, the highest price paid for an
artwork at auction.

Last year, China overtook the U.S. to become the world’s
largest art and antiques market, said a report published by the
Netherlands-based European Fine Art Foundation earlier in March.
Auctions in mainland China, Hong Kong, Macau and Taiwan raised
9.8 billion euros in 2011, said the report.